Tag Archives: finance tips

3 Financially Smart Ways for the New Year

January 27, 2025 By in Lifestyle Tags: , , , , Leave a comment

*Collaborative post.

The New Year is in full swing, and January is almost over! This is the best time to get finances in check to ensure a smooth sailing year. If you are into New Year’s resolutions, having a financial New Year’s resolution is the way to start right. Although financial well-being is important and is linked to both physical and mental health, many of us still shy away from thinking about it. So when it comes to financial planning, retirement funds, life insurance, budgeting, and anything to do with money management, many rather stay in denial. This should not be the case. Financial planning is not as daunting as it seems, and here are 3 financially smart ways to prove it –

How Many New Year’s Resolutions Have You Ticked Off 6 Months In Image

Look up term life insurance cost

Having life insurance is one way to be financially smart if you don’t have a cover in place already. Getting life insurance is required if you are looking to plan for the unexpected. It also helps to ensure your family is protected.  If finances are stretched, you could look at getting a term life insurance cover, which simply means your beneficiaries would get a lump sum if you were to pass away while the cover is still active.

Many people may prefer this type of life insurance coverage to the whole life insurance coverage, which provides coverage for your entire life. You could do some more reading on term life insurance cost to find out more about this life insurance coverage, and to see if it suits your needs. There are many options for life insurance coverage in the market, so there should be a cover for almost everyone, don’t let the cost of life insurance put you off. Having a life insurance cover in place is one of the most important financial smart ways to kick off the year.

Sort out your household budget

Looking at your income and expenses, and planning a realistic household budget is a financially smart way to start the year. Sorting out your household budget should be one of the first things you do for the year. Morgan Stanley’s financial management tools are great for helping you analyse your cash flow in one place, so this is a great financial resource to start with for anyone looking to sort out their household budget.

Tackle the debt

Staying on top of debt is crucial with the various credit facilities many of us have. It is so easy to forget to make a payment to a credit card or to pay a bill. This is where having a direct debit set up can come in handy. If you find yourself swimming in debt and unable to stay on top of it, it may be best to speak with a financial adviser for ideas on how to best tackle the debt. A quick online should bring up lots of options for you to explore.

Freelancer tips image

So how is the new year going so far with your financial resolutions? Do you have any finance tips to share? Please drop them in the comments section. Thanks for stopping by, have a good one.

 

 

How to improve your financial wellbeing

September 15, 2022 By in Health and Well-being, Lifestyle Tags: , , , , , , , , 3 Comments

*Collaborative post.

Financial well-being is all about how people feel about money and how their finances impact their overall health and well-being. Now many of us can relate to the fact that money worries can feel very draining. Life requires money on a daily basis, and when it feels like you don’t have enough to sort out your necessities, it can lead to all sorts of physical and mental health issues. This is why it is so important to focus on financial well-being before a money crisis crops up.

How to improve your financial wellbeing picture

There is currently a cost of living crisis in many parts of the world, and it is now even more important to stay on top of financial obligations before it becomes an issue. It is super easy to find yourself living paycheck to paycheck, this is why it is important to pay attention to your finances.

How to improve your financial wellbeing

I am not a financial adviser but I have lived experience of dealing with financial worries, and that is why you are reading this post. If you are struggling with financial issues, here are a few ideas that may help you to improve your financial well-being:

Have multiple sources of income

Regardless of how good your salary is, it is always a great idea to have multiple sources of income, especially in this current economic climate. You can never have too many sources of income. Multiple sources of income would do wonders for your financial well-being and would enable create more wealth.

Get life insurance with no medical exam

If you don’t have life insurance in place, it is always a good idea to set one up. There are various plans available for different needs. Nowadays, it is even possible to get life insurance with no medical exam. However, this is not guaranteed. It is usually determined on a case-by-case basis, so do shop around for the best life insurance plan for your needs. Your financial well-being will thank you for this smart financial move.

How to improve your financial wellbeing picture

Sort out your pension

It may not be possible to earn income from multiple sources forever. Therefore, having a pension is important. Many freelancers may underestimate the importance of having a pension and may overlook setting up, but this should really be at the top of the list. There are various pension packages available so there are plenty of options to suit different budgets and requirements.

Grow your savings

Having some money saved up is important. Unforeseen circumstances may lead to a job loss for example Having some form of savings would in situations like that. Having savings also means you don’t have to worry too much about money, and this is great for your financial well-being. A few hundred pounds saved up every month would do wonders for your financial future and would improve your relationship with money.

I hope you find these tips useful and I hope they get you thinking about how you can improve your financial well-being and pave the way to financial freedom.

 

 

 

 

 

How to protect your money as a high earner

June 26, 2019 By in Lifestyle Tags: , , , , , , 18 Comments

*Collaborative post.

Financial security is what almost everyone strives towards.

For high earners it is of particular importance — to try to protect the money they are earning — as there is more to keep safe.

But, how exactly can we achieve this?

 

How to protect your money as a high earner picture

 

If you want to make the most of your assets, take a look at three of our top tips:

 

  1. Careful budgeting

Some high earners feel that they don’t need to budget. Frugality, after all, has long been associated with people earning a low income.

However, budgeting can benefit everyone — however much they earn. Monitor your money, and you’ll be less likely to face unexpected shortfalls in the future.

By creating a weekly or monthly cash flow on a simple spreadsheet, you can plan your outgoings and lifestyle in advance. Better still, carry your cash flow with you as an uploaded document on your phone or tablet, and you can look at it whenever you feel the urge to overspend.

You don’t just stand to protect your assets; you could become more confident in financial handling, too.

 

  1. Contingency funds

Budgeting isn’t just useful — it’s essential. If you put aside a certain amount of money each month, you can be prepared for any financial situation, including emergencies and changes of circumstance.

Though nobody wants to face a costly surprise, they can occur at any time. Building a contingency fund means you will be able to deal with it much better.

It could be particularly helpful if you need to take unpaid leave from work, for example. That way, you won’t have to worry about covering bills and maintaining your usual lifestyle during that period.

Equally, a fund may come in handy if you ever face redundancy. You’ll then have enough money to tide you over while you secure new employment.

Prepare well, and you can always remain financially secure.

 

  1. Pension plan

You’ll no doubt know the value that a pension plan can offer. As a high earner, you will have garnered a state pension through national insurance contributions as well as building a private or corporate pension along the way, too.

At state pension age (currently 65), Brits have the opportunity to either claim or defer their acquired sum. A deferred pension, for example, increases by a small amount, once its owner has retired. A private pension can be drawn earlier – usually around the age of 55.

Although you may be a long way of retirement age now, it’s useful to plan ahead and decide on the best option for you long-term. You can then start to save effectively. You could always consult a financial adviser to work out the best route for your retirement.

You work hard for your income, so it’s only right that you want to protect it. Follow the right steps, and you can secure your finances, both now and for the future.

error: Content is protected !!